GRAND RAPIDS -- For the fourth time, the city's plans to sell the vacant lot at Fulton Street and Division Avenue have been delayed.

Developer Sam Cummings, who was supposed to close on the purchase Monday, instead is to ask for another 60-day extension when city commissioners meet today.

Cummings' partnership, Two West Fulton LLC, plans to build a new headquarters for the Urban Institute for Contemporary Arts, 66 apartments in an eight-story tower and a 262-space city-owned parking ramp on the site.

Recent turmoil in the credit market has made his bankers wary of the $34 million project, Cummings said in a letter to city officials requesting the delay.

Cummings said Monday the bankers who were working with him backed out five weeks ago, leaving them to scramble for new lenders.

"In truth, the simpler the credit, the more likely that it is to win the limited capital," Cummings said. "Deals like ours that have many moving parts do not generally fall into the simple category."

The delay in closing will not affect the construction schedule, Cummings said. He hopes to begin this summer.

Cummings' group first won approval to buy the vacant lot in May 2005 after a widely publicized bidding process that drew five bidders.

He since has been given three extensions on the project's closing date.

In his request, Cummings offers to add another $95,000 toward the $25,000 he already has on deposit with the city. The nonrefundable downpayment would be applied to the $2.3 million purchase price.

"While it is embarrassing and frustrating for me to ask this, I feel that we have come too far to throw in the towel," Cummings said. "It's not pleasant, but five years from now, nobody will remember."

Mayor George Heartwell said he will urge commissioners to approve Cummings' latest request.